Volvo net income climbs 24% after higher truck sales

SarahTurner

LONDON (MarketWatch) -- Swedish truck maker Volvo Group
VOLVB, -1.41%volv
said Friday that its fourth-quarter net income rose 24% to 3.7 billion Swedish krona ($531 million), or 9.13 krona a share. Net sales amounted to 65.1 billion krona in the quarter, nearly flat compared to last year's 65.3 billion krona. Sales, when adjusted for currency effects and acquisitions and disposals rose 6%, after truck sales rose 1% to 43.7 billion krona. The company said that it will phase out its Volvo Aero Engine Services (VAES) in Bromma during 2007 at an estimated cost of 258 million krona. It believes that 2007 will be an exciting year, particularly since it will roll out an entire new product generation and take new steps towards eastward expansion.

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